Oil Prices Fall Despite Surprise Draw In Crude Inventories

The American Petroleum Institute (API) estimated that there was a surprise draw this week for crude oil of 4.28 million barrels, compared to analyst predictions of a 25,000 barrels build. U.S. crude inventories have shed some 77 million barrels since the start of 2021 and about 20 million barrels since the start of 2020. In the week prior, the API reported a build in crude oil inventories of 3.754 million barrels after analysts had predicted a draw of 1.867 million barrels. Oil prices were trading down on Tuesday as it became less likely that the…